NJC

Listed Company · UPCOM

Price

13,900

Latest close

27 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 13.0%

P/B —

BVPS (Latest) —

ROA (TTM) 3.2%

What Is Changing

NJC has not yet shown a broad-based top-line recovery. Revenue posted -17.8% YoY, but net margin reached 1.90% with an additional +0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 1.20% in 2023 to 1.90% in 2025.
Net Income recovered 5.9% to VND 12.6bn in 2025.
Revenue decreased 17.8% YoY to VND 661.2bn in 2025.

Metric	2025	2024	2023	2022
Revenue	661.2	804.9	524.1	562.5
Growth	-18%	+54%	-7%	—
Net Income	12.6	11.9	6.3	20.9
Net Margin	1.90%	1.48%	1.20%	3.72%

Financial Statements

Profitability

Net margin reached 1.90% while Revenue posted -17.8% YoY.

Balance Sheet

Inventory stood at 153.2bn, liabilities at 308.5bn, and equity at 100.8bn.

Cash Flow

Operating cash flow was -28.2bn in 2025, while investing cash flow was 16.6bn.

Financing cash flow: 0.7bn.

Item	2025	2024	2023	2022
Revenue	661.5	804.9	524.1	562.5
Revenue Deductions	0.3	0.0	0.0	0.0
Net Revenue	661.2	804.9	524.1	562.5
Cost of Goods Sold	600.0	731.8	478.7	462.2
Gross Profit	61.2	73.1	45.4	100.3
Financial Income	12.7	15.6	9.1	12.5
Financial Expenses	18.6	23.9	16.1	18.9
Interest Expense	11.5	14.6	11.4	10.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	25.6	30.1	17.6	26.8
General and Administrative Expenses	15.7	22.4	14.8	46.3
Operating Profit	14.0	12.2	6.2	20.9
Other Income	4.5	10.5	2.9	7.6
Other Expenses	2.3	7.9	1.0	2.2
Other Profit	2.2	2.6	1.8	5.4
Profit Before Tax	16.1	14.8	8.0	26.3
Current Income Tax Expense	4.0	2.7	2.0	5.1
Deferred Income Tax Expense	-0.4	0.2	-0.3	0.3
Net Income	12.6	11.9	6.3	20.9
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	12.6	11.9	6.3	20.9
Earnings per Share	2,636.00	3,785.00	2,100.00	6,972.00
Diluted EPS	2,410.63	2,504.73	1,999.54	6,972.05

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	347.1	283.5	349.6	232.7
I. Cash and cash equivalents	22.6	33.5	38.9	27.2
1. Cash	3.6	7.5	22.8	11.3
2. Cash equivalents	19.0	26.0	16.1	15.9
II. Short-term financial investments	15.0	16.0	7.1	24.4
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	15.0	16.0	7.1	24.4
III. Short-term receivables	148.5	110.4	117.3	75.2
1. Short-term trade accounts receivable	141.4	101.9	109.6	65.8
2. Short-term prepayments to suppliers	3.3	3.7	5.4	7.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	3.8	4.9	2.3	2.4
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	153.2	119.4	177.3	101.7
1. Inventories	158.2	126.9	184.8	106.7
2. Provision for decline in value of inventories	-5.0	-7.5	-7.5	-5.0
V. Other short-term assets	7.8	4.1	9.0	4.2
1. Short-term prepayments	0.8	0.7	0.7	0.3
2. Value added tax to be reclaimed	6.5	3.4	8.3	3.8
3. Taxes and other receivables from state authorities	0.5	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	62.2	83.6	65.1	56.2
I. Long-term receivables	5.6	20.9	5.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	0.9	16.2	0.3	0.0
6. Other long-term receivables	4.7	4.7	4.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	29.1	35.6	36.9	34.5
1. Tangible fixed assets	27.7	34.3	35.1	33.8
- Cost	150.6	148.0	147.0	136.8
- Accumulated depreciation	-122.9	-113.7	-111.8	-103.0
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	1.4	1.4	1.7	0.7
- Cost	2.8	2.4	2.4	1.1
- Accumulated depreciation	-1.4	-1.0	-0.7	-0.4
III. Investment properties	—	0.0	0.0	0.0
- Cost	14.2	14.2	14.2	14.2
- Accumulated depreciation	-14.2	-14.2	-14.2	-14.2
IV. Long-term assets in progress	7.0	6.5	5.7	8.7
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	7.0	6.5	5.7	8.7
V. Long-term financial investments	10.1	9.0	9.0	9.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	6.1	5.0	5.0	5.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	4.0	4.0	4.0	4.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	10.6	11.5	8.6	4.1
1. Long-term prepayments	10.0	11.4	8.2	4.1
2. Deferred income tax assets	0.6	0.1	0.3	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	409.3	367.1	414.7	288.9
A. LIABILITIES (300=210+330)	308.5	274.7	344.3	215.2
I. Short -term liabilities	280.2	236.2	302.3	202.0
1. Short-term trade accounts payable	45.7	23.3	36.3	10.6
2. Short-term advances from customers	4.7	3.6	3.7	3.9
3. Taxes and other payables to state authorities	3.0	1.5	0.7	4.1
4. Payable to employees	23.8	23.1	20.4	18.8
5. Short-term acrrued expenses	2.9	0.4	1.2	0.7
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	1.7	1.6	1.5	1.0
10. Short-term borrowings and financial leases	194.3	182.6	238.1	160.0
11. Provision for short-term liabilities	—	0.0	0.0	2.7
12.. Bonus and welfare fund	4.0	0.0	0.2	0.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	28.4	38.5	42.0	13.3
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	28.4	38.5	42.0	13.3
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	100.8	92.4	70.4	73.7
I. Owner's equity	100.8	92.4	70.4	73.7
1. Owner's capital	52.2	47.5	31.5	30.0
- Common stock with voting right	52.2	47.5	31.5	30.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	0.1	0.1	0.3	0.3
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	15.4	15.4	15.4	15.4
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	33.1	29.4	23.2	28.0
- Accumulated retained earning at the end of the previous period	20.5	17.5	16.9	7.1
- Undistributed earnings in this period	12.6	11.9	6.3	20.9
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	409.3	367.1	414.7	288.9

Item	2025	2024	2023	2022
Profit Before Tax	16.1	14.8	8.0	26.3
Depreciation of Fixed Assets and Investment Property	9.5	9.0	9.1	6.7
Provision (Increase)/Reversal	-2.4	0.0	-0.2	-26.3
FX Gain/Loss from Revaluation of Monetary Items	1.2	0.1	0.2	-0.9
Gain/Loss from Investment Activities	-3.7	-2.5	-2.5	-3.3
Interest Expense	11.5	14.6	11.4	10.1
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	32.2	36.1	26.0	12.5
Increase/(Decrease) in Receivables	-43.6	13.8	-50.9	27.9
Increase/(Decrease) in Inventory	-31.3	57.9	-78.1	17.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	27.4	-10.9	28.4	-12.4
Increase/(Decrease) in Prepaid Expenses	1.3	-3.1	0.7	2.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-11.5	-14.9	-11.1	-10.1
Corporate Income Tax Paid	-2.6	-2.0	-5.4	-3.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.2	-2.7	-2.3	-1.9
Net Cash Flow from Operating Activities	-28.2	74.2	-92.7	31.7
Payments for Fixed Assets and Other Long-term Assets	-3.5	-9.2	-14.3	-18.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-2.3	-37.4	-25.6	-48.0
Receipts from Loan Repayments and Sale of Debt Instruments	18.6	12.6	42.6	60.5
Investments in Other Entities	-1.1	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	4.8	1.6	2.3	3.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	16.6	-32.3	5.1	-2.6
Proceeds from Equity Issuance and Capital Contributions	—	15.8	1.5	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	543.7	677.5	577.6	452.4
Repayment of Borrowings	-542.9	-737.3	-470.9	-455.4
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	-3.1	-9.0	-4.5
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.7	-47.2	99.2	-7.5
Net Cash Flow During the Period	-10.9	-5.4	11.6	21.6
Cash and Cash Equivalents at Beginning of Period	33.5	38.9	27.2	5.6
FX Difference from Revaluation	-0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	22.6	33.5	38.9	27.2

Item	Q4'25
Profit Before Tax	16.1
Depreciation of Fixed Assets and Investment Property	9.5
Provision (Increase)/Reversal	-2.4
FX Gain/Loss from Revaluation of Monetary Items	1.2
Gain/Loss from Investment Activities	-3.7
Interest Expense	11.5
Operating Profit Before Changes in Working Capital	32.2
Increase/(Decrease) in Receivables	-43.6
Increase/(Decrease) in Inventory	-31.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	27.4
Increase/(Decrease) in Prepaid Expenses	1.3
Interest Paid	-11.5
Corporate Income Tax Paid	-2.6
Other Operating Payments	-0.2
Net Cash Flow from Operating Activities	-28.2
Payments for Fixed Assets and Other Long-term Assets	-3.5
Loans and Purchases of Debt Instruments	-2.3
Receipts from Loan Repayments and Sale of Debt Instruments	18.6
Dividends and Interest Income Received	4.8
Net Cash Flow from Investing Activities	16.6
Proceeds from Borrowings	543.7
Repayment of Borrowings	-542.9
Net Cash Flow from Financing Activities	0.7
Net Cash Flow During the Period	-10.9
Cash and Cash Equivalents at Beginning of Period	33.5
FX Difference from Revaluation	-0.0
Cash and Cash Equivalents at End of Period	22.6

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NJC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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